Hangzhou Diagens Biotechnology (HKG:2526) launched its Hong Kong initial public offering on Friday, seeking to raise up to HK$899.9 million from the deal.

The China-based medical device maker is offering 8 million H-shares at an indicative price range of HK$95.6 to HK$112.5 per share, according to a Hong Kong bourse filing.

The offering comprises 799,950 shares for Hong Kong investors and 7.2 million shares for international investors, subject to reallocation.

The offer price is expected to be determined by March 26, with allocation results due March 27, ahead of the company's planned trading debut on the Hong Kong Stock Exchange on March 30.

Net proceeds will be used mainly to advance development and commercialization of its AI AutoVision product, including R&D, clinical studies, and regulatory approvals, according to the filing.

Funds will also support other medical imaging products, AI model development, commercialization and market expansion in China and overseas, as well as strategic investments and general corporate purposes.

Huatai Financial Holdings (Hong Kong) is serving as sole sponsor, sponsor-overall coordinator, overall coordinator, joint global coordinator, joint bookrunner and joint lead manager.

Futu Securities International (Hong Kong) is also acting as overall coordinator, joint global coordinator, joint bookrunner, and joint lead manager.

ABCI Capital, BOCI Asia, CCB International Capital, China Galaxy International Securities (Hong Kong), Huafu International Securities, Yellow River Securities, Yuen Meta (International) Securities, Yunfeng Securities and Zheshang International Financial Holdings are serving as joint bookrunners and joint lead managers.